If we want to “grow” oil and gas production at all, businesses will need to keep investing increasing amounts of money (and energy) into oil and gas extraction, Tverberg writes. For this to happen, prices paid by consumers for oil and gas will need to continue to rise.

Oil prices are still high, Tverberg writes, and will continue to be so if we expect to have more tight oil and more oil from other unconventional sources. Tverberg offers 10 reasons why high oil prices are a problem.

Countries like China and India which leverage their oil use to a greater extent with more coal use are less affected by a rise in oil prices – Tverberg writes. It's one reason why jobs are moving to China and India, and away from the US.

People who are counting on natural gas to solve the world’s energy problems are 'counting their chickens before they are hatched,' Tverberg writes. Natural gas requires a lot of infrastructure and up-front costs to obtain satisfactory results.

High oil prices and rising gas prices weaken an economy because they reduce discretionary spending and indirectly cause people to be laid-off from work, Tverberg writes. Can the US economy stand another jump in prices?